Since the onset of the 2008-2009 financial crisis, the Group of Twenty (G20)—whose membership consists of systemically important advanced and emerging economies—has emerged as the principal forum for inter-governmental economic cooperation.
Members of G20
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America, and the European Union.
Together, the G20 economies account for
The G20 was formally established on 26 September, 1999, at the Finance Ministers' meeting of G7 (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) in the aftermath of the Asian Financial Crisis. Bringing together G20 finance ministers and central bank governors, its inaugural meeting took place on December 15-16, 1999, in Berlin.
The G20 convened for the first time at the leaders’ level in Washington, D.C. on November 14-15, 2008, to respond collectively to the 2008-09 crisis in order to restore global growth, strengthen the global financial system, and reform international financial institutions.
The G20 played a key role in supporting the first stages of economic recovery and continues to promote measures to reform international financial institutions, improve financial regulation, and strengthen the global economy through an increasingly comprehensive agenda.
Turkey’s G20 presidency in 2015
Turkey assumed the G20 Presidency on December 1, 2014.
The implementation of policies and the performance of individual members in realizing the 2 percent global growth target set by the “Brisbane Action Plan” will be a critical component of the G20’s success in 2015. In this regard, the Turkish government’s commitments to focus on implementation and to “ensuring inclusive and robust growth through collective action” are positive steps.
The Turkish G20 Presidency will also emphasize small- and medium-sized enterprises (SMEs) as a cross-cutting subject, and also aims to make the G20 more relevant to non-G20 member countries, including low-income developing countries (LIDCs).
Turkey will host the annual G20 Leaders' Summit on November 15-16, 2015.
What are the G20 outreach groups?
The G20 has sought to incorporate policy contributions from an ever-broader cross-section of society. Consultation with non-state actors has evolved and is now organized under five groups:
Each year, the G20 chair appoints a lead coordinator for each of the five groups. The appointed coordinator then pulls together contributions from that segment of society in both G20 and non-G20 countries, with the objective of identifying policy priorities for the G20. Although the aims and objectives of outreach groups may differ, together they contribute to the greater legitimacy and transparency of the G20 process.